Element seeks add-on with flexible covs

Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.

By Victor Jimenez

03 Dec 2018

Element plans to grow its €204m term loan by $80m-equivalent, with price talk of 99.75. Proceeds will be used to repay drawings under its capex facility.

The original loans, rated B1/B by Moody’s and S&P Global, have a margin of 325bp over Euribor and mature in 2024.
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